Bitcoin drops to $95, but analyst projects appreciation above $104 in the coming weeks

Bitcoin's price was quoted at $95.398,74 this Sunday, May 4, 2025, with a daily drop of 1%. The devaluation came in the wake of a significant rejection at the $98.000 mark registered on Friday, pushing the asset to its lowest level in recent days.

Since breaking above $90.000 last Tuesday, Bitcoin has continued its upward movement, reaching a local peak of $96.000 on April 25. Over the following week, the asset fluctuated between $93.000 and $95.000, before gaining momentum on Thursday, when it broke resistance and rose to $97.500. The following day, the asset reached $98.000, its highest value in more than two months.

However, resistance at this level proved too strong. Selling pressures knocked BTC down by more than $2.000, even in the face of positive on-chain data that could signal further appreciation in the short term. Bitcoin is currently trying to hold on above $95.000 after a moderate correction. Market cap has fallen to $1,9 trillion, while dominance over other cryptocurrencies has risen to 61,7%.

According to analysis by chart trader @CryptoCaesarTA, Bitcoin recently broke its downtrend and is now targeting higher levels. In his technical projection, the $95.000 region was highlighted as a relevant support zone, serving as a basis for a possible upward movement in the coming weeks, with a projected target close to $104.000.

$ BTC - # Bitcoin broke out of the downtrend and now looking for newer highs. Coming weeks will be important. pic.twitter.com/942tDMlPrS

— Crypto Caesar (@CryptoCaesarTA) May 4, 2025

Among altcoins, the negative movement also intensified. Solana (SOL), XRP, BNB, DOGE, ADA, TRX and LINK recorded losses of up to 3% in the last 24 hours. Highlights include SUI and Avalanche (AVAX), which lead the losses with drops of 5,6% and 4,2%, respectively. As a result, SUI fell to US$ 3,22 and AVAX remains below US$ 21.

Meanwhile, the token associated with Donald Trump has seen another significant drop, losing around 14% in value in the last 24 hours. The asset continues to be surrounded by controversy following recent events involving the former president.